Pwc Finland Transparency Report for Financial Year 2018
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www.pwc.fi Transparency Report 1 July 2017–30 June 2018 Translation of the Finnish original. PricewaterhouseCoopers Oy Transparency Report 2018 2 PricewaterhouseCoopers Oy Transparency Report 1 July 2017–30 June 2018 Introduction 3 Strategy and leadership 4 Governance and organisation 5 PwC Network 10 Leadership responsibilities and accountability for quality 11 Reg. Domicile Helsinki Ethical requirements 13 Business ID 0486406-8 Acceptance and Continuance of Client Relationships and Specific Engagements 16 PricewaterhouseCoopers Oy Human Resources 17 Engagement Performance 18 Monitoring and continuous quality improvement 20 Appendix 1: Audit firms and sole practitioners belonging to the PwC Network in the area of EU/EEA 22 Appendix 2: Public Interest Entities 24 Appendix 3: Financial information 25 PricewaterhouseCoopers Oy Transparency Report 2018 3 Introduction PricewaterhouseCoopers Oy (‘PwC Finland’) Introduction 3 is a Finnish company established in 1954, and Strategy and leadership 4 it has the status of an audit firm. The services of our firm cover audit and other assurance Governance and organisation 5 services, consultancy services, transaction ser- PwC Network 10 vices as well as tax and legal services. Leadership responsibilities and accountability for quality 11 We are part of the global PwC network of firms, through which we are committed to delivering Ethical requirements 13 high quality services. The Network serves cli- Acceptance and continuance of client ents in 158 countries with more than 250,000 relationships and specific engagements 16 people. The purpose of our activities (PwC pur- pose) is to build trust in society and solve our Human resources 17 clients’ important problems. Engagement performance 18 This transparency report for our financial year Monitoring and continuous quality improvement 20 This is the second time that our transparency report is published under ended 30 June 2018 has been prepared by vir- Appendix 1: Audit firms and sole practitioners the EU Audit Regulation. It includes more information than the transpar- tue of the EU Audit Regulation No 537/2014, belonging to the PwC Network in the area of EU/EEA 22 ency report issued under the prior regulation. Transparency is consistent and the information included in it is as of the Appendix 2: Public interest entities 24 with our values. end of the financial year. This report together with its appendices includes the information Appendix 3: Financial information 25 In this report we provide information on our company and describe key required in Article 13 of the Regulation. The re- measures that we take to ensure the quality of the audits and other as- port is an important part of our communication surance engagements performed by us. Quality is a cornerstone in our with our clients, their board and management business. as well as with investors, regulators and our other stakeholders. Mikko Nieminen CEO PricewaterhouseCoopers Oy PricewaterhouseCoopers Oy Transparency Report 2018 4 Strategy and leadership The strategy of our Audit and Other Assurance Discussions related to quality occur regularly, Introduction 3 Services line of service has been created to at partners and staff meetings among other Strategy and leadership 4 respond to the challenges and opportunities things. In these discussions, we focus on what of the future. Our annual planning serves as a we are doing well, and where we can continue Governance and organisation 5 tool to ensure that we are making the progress to make enhancements. PwC Network 10 needed to deliver high quality services to our clients and meet the requirements of our stake- We expect our partners and staff to exhibit the Leadership responsibilities and accountability for quality 11 holders. Our leadership structure supports the core values in their actions: Act with integrity, achievement of our strategic goals. Make a difference, Care, Work together, and Ethical requirements 13 Reimagine the possible. Our values are com- Acceptance and continuance of client Inherent in our purpose and in our strategy for municated in our firm by our Territory Senior relationships and specific engagements 16 our Audit Services (Assurance) is our commit- Partner, by the Leadership Team of our Audit ment to audit quality. Delivering quality audits and Other Assurance Services line of service, Human resources 17 is the cornerstone of our business and key to and by the Quality Office. These messages are Engagement performance 18 maintaining the confidence of investors and reinforced by engagement leaders in their ac- other stakeholders. tivity. Monitoring and continuous quality improvement 20 Appendix 1: Audit firms and sole practitioners The Leadership Team of our Audit and Other belonging to the PwC Network in the area of EU/EEA 22 Assurance Services line of service includes Appendix 2: Public interest entities 24 partners who lead our audit business in var- ious regions and business units. In our Audit Appendix 3: Financial information 25 Services unit, there is also a Quality Office responsible for the development of audit qual- ity, consisting of persons who have roles in managing our system of quality control and monitoring the implementation of initiatives for continuing development of audit quality. Leadership Team members and Quality Office members are available to support engagement leaders in making key decisions that have qual- ity implications. PricewaterhouseCoopers Oy Transparency Report 2018 5 Governance and organisation In accordance with the Articles of Association, Introduction 3 the AGM elects annually the Board of Directors, Strategy and leadership 4 its Chair and, where needed, a vice chair. The Board has a minimum of five and a maximum Governance and organisation 5 Board of Directors of nine ordinary members. The term of the PwC Network 10 Board ends at the next AGM. Risk & Quality and Leadership responsibilities Compliance and accountability for quality 11 Board of Directors Territory Leadership Team CEO The Board of Directors (‘The Board’) is respon- Independence Ethical requirements 13 sible for the company’s governance and for Acceptance and continuance of client appropriate organisation of its operations. The Board is also responsible for the supervision relationships and specific engagements 16 Audit and Other Consulting and Tax and Legal Services Assurance Services Transaction Services of the company’s financial accounts and asset Human resources 17 management’s appropriate organisation. The Engagement performance 18 Board also approves the company’s strategy, business plan and budget and monitors their Monitoring and continuous quality improvement 20 implementation. The Board appoints the Chief Appendix 1: Audit firms and sole practitioners Governance in the charter of each governance body. In this Executive Officer (‘CEO’) and approves the belonging to the PwC Network in the area of EU/EEA 22 PricewaterhouseCoopers Oy is governed by report, references to leadership should be read appointment of the line of service leaders and Appendix 2: Public interest entities 24 effective legislation, the Articles of Association, as referring to operative leadership. other members of the Territory Leadership and industry specific rules, guidelines and rec- Team. The CEO or other separately agreed Appendix 3: Financial information 25 ommendations. The objective of our corporate The Annual General Meeting person presents the matters to be discussed in governance principles is an open and transpar- The Annual General Meeting (‘AGM’) is held the Board. ent management style. by the end of December each year. The AGM makes decisions required by the Limited Liabil- The majority of the members of the Board of The governance bodies of Pricewaterhouse- ity Companies Act to be made by the AGM, and Directors and any deputies, and the Chair and Coopers Oy are the Annual General Meeting, decides on the remuneration of the members any vice chair are auditors employed by the Board of Directors and Chief Executive Officer of the Board of Directors and fees paid to the company. supported by the Territory Leadership Team, auditors. In addition, the AGM determines as well as the Equity Partner and Partner Meet- the fair value for the company’s share, which In the financial year ended, the AGM of Price- ings, Partners Committee and Nomination is used in purchases and sales of shares in the waterhouseCoopers Oy was held on 13 Novem- Committee. Governance policies are outlined following year. ber 2017. Until the AGM, Ylva Eriksson (KHT), PricewaterhouseCoopers Transparency Report 2018 6 Markku Katajisto (KHT), Jaakko Kilpeläinen, Territory Leadership Team Agreement. In Equity Partner and Partner Introduction 3 Pekka Loikkanen (KHT, chairman), Timo Taka- The primary task of the Territory Leadership Meetings, Equity Partners and Associated Part- Strategy and leadership 4 lo (KHT), and Martti Virolainen were members Team is to assist the CEO in operative man- ners participate in decision-making concerning of the Board of Directors. agement and in executing the decisions of the issues referred to in the Equity Partner Agree- Governance and organisation 5 Board of Directors. It has no authority based ment and Partner Agreement. PwC Network 10 At the AGM of 13 November 2017, Ylva Eriksson on law or the Articles of Association. The Terri- (KHT), Markku Katajisto (KHT), Jaakko Kil- tory Leadership Team guides and develops the At the end of the financial year, there were a Leadership responsibilities and accountability for quality